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Apple shareholders nix disclosure of Jobs succession plan
The first rule of Jobs Club is: You do not talk about Jobs Club
Apple shareholders have rejected a proposal that would have required the company to disclose its CEO succession plans. So we still have no way of knowing how the company is handling the ongoing health problems facing current CEO and spiritual leader Steve Jobs.
The succession plan proposal was floated by the Central Laborers' Pension Fund of Jacksonville, Illinois, which holds about 11,500 shares of Apple stock, and was later endorsed by the Institutional Shareholder Services and the Laborers’ International Union of North America.
But according to The Wall Street Journal, an early vote count at Apple's annual shareholders meeting on Wednesday indicated that the measure had not passed. Apple's board had recommended that the plan be rejected.
If approved, the measure would have required Apple to "adopt and disclose a written and detailed succession planning policy". Jobs did not attend the meeting, as expected. He is currently on leave from Apple, with no date set for his return. Last year, Jobs received a liver transplant, which was apparently related to his earlier treatment for pancreatic cancer.
Chief Operating Officer Tim Cook is filling in for Jobs, just as he did in 2004 and 2009 when Jobs was on leave. Cook presided over today's shareholder's meeting. According to a report from The Journal, Jobs is still involved in strategic company decisions while he's officially on leave. ®